Companies·Copper
Oyu Tolgoi LLC
Joint ownership
Runs Mongolia's largest copper and gold mine. Its underground mine was completed in 2025, and it is expected to be the world's fourth-largest copper mine by 2030.
Owners
- Rio Tinto (UK/Australia)66%
- Erdenes Oyu Tolgoi (state)34%
- Sector
- Copper
- Mines and assets
- Oyu Tolgoi, Khanbogd soum, Umnugovi
- Products
- Copper concentrate, gold, silver
- Stock exchange
- Not listed itself; Rio Tinto is listed in London, Australia and New York
Rankings
#2
Largest taxpayers, 2024
#1
TOP-100 enterprises, 2025
Key facts
| Measure | Value | Year |
|---|---|---|
| Taxes and payments to the state | US$660 million (about 9% of state tax revenue)Oyu Tolgoi — Q4 2025 performance results (29 Jan 2026) ↗ | 2025 |
| Taxes and payments since 2010 | US$5.5 billionOyu Tolgoi — Q4 2025 performance results (29 Jan 2026) ↗ | 2010–2025 |
| Money spent in Mongolia (procurement, taxes, salaries) | US$2.4 billionOyu Tolgoi — Q4 2025 performance results (29 Jan 2026) ↗ | 2025 |
| Growth in copper production | +61%Oyu Tolgoi — Q4 2025 performance results (29 Jan 2026) ↗ | 2025 |
| Capacity | about 500,000 tonnes of copper a year (2028–2036)Rio Tinto — Annual Report 2025, p. 22 ↗ | 2025 |
| Dividends paid to the state | 0 (now expected around 2037)GeoConversation — Oyu Tolgoi still pays no dividends (15 Jul 2026) ↗ | 2026 |
How its money reaches citizens
Through taxes and royalties to the budget, and through purchases and salaries in Mongolia. Dividends on the state's 34% will not come until its loans are repaid, so nothing has reached citizens' Savings Fund accounts yet.
See the deposit ledger: Oyu Tolgoi →Sources
- Oyu Tolgoi — Q4 2025 performance results (29 Jan 2026) ↗
- Rio Tinto — Annual Report 2025, p. 22 ↗
- GeoConversation — Oyu Tolgoi still pays no dividends (15 Jul 2026) ↗
- ikon.mn — General Department of Taxation, top taxpayers of 2024 (5 May 2025) ↗
- Mongolian Mining Journal — TOP-100 enterprises of 2025 (16 Jun 2026) ↗